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The 2023 AICPA Business Valuation Conference and One Thought on Valuation Adjustments

Chris Mercer

NOVEMBER 15, 2022

I have heard many appraisers suggest that one should not normalize owner compensation when valuing minority interests “because the minority shareholder cannot change compensation.” Travis Harms and I cover the topic of normalizing adjustments in our book, Business Valuation: An Integrated Theory Third Edition , on pages 117-123.

Business Valuation 52
Business Valuation Normalized Earnings EBITDA Appraisal 52
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Seller’s Discretionary Earnings Explained

Viking Mergers

MARCH 24, 2022

SDE is variously referred to as Seller’s Discretionary Cash Flow, Adjusted Cash Flow, Owner Benefit, Recast Earnings, or Normalized Earnings, although Seller’s Discretionary Earnings is the official terminology advocated by the International Business Broker’s Association (IBBA). SDE vs EBITDA.

EBITDA 130
EBITDA Business Valuation Normalized Earnings Marketability 130
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